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Deed of Postponement issue
Wimmy1
Posts: 3 Newbie
Can anyone offer any advice
I am currently looking at further borrowing with my lender for a complete refurb to the back garden of the house. We bought the house on the right to buy scheme 3 years ago and therefore have 2 years left on the claw back from the council. We are after borrowing an extra £16k which will take our borrowing to £105k on the house which has been valued at £160k. There is plenty capital in the property.
The issue has come when our current lender will not sign the deed of postponement from the council as it has to be drafted by their legal team. And you guessed it, our local council are refusing to sign any deed of postponement not signed by their legal team. Bothe sides refusing to sign each others forms (even though it will probably state exactly the same) and its leaving me with nowhere to go. Anybody else have this issue and got it resolved?
Thanks in advance
I am currently looking at further borrowing with my lender for a complete refurb to the back garden of the house. We bought the house on the right to buy scheme 3 years ago and therefore have 2 years left on the claw back from the council. We are after borrowing an extra £16k which will take our borrowing to £105k on the house which has been valued at £160k. There is plenty capital in the property.
The issue has come when our current lender will not sign the deed of postponement from the council as it has to be drafted by their legal team. And you guessed it, our local council are refusing to sign any deed of postponement not signed by their legal team. Bothe sides refusing to sign each others forms (even though it will probably state exactly the same) and its leaving me with nowhere to go. Anybody else have this issue and got it resolved?
Thanks in advance
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Comments
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Apologies, that last bit should have read:And you guessed it, our local council are refusing to sign any deed of postponement not DRAFTED by their legal team0
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